Fitch expects to rate the transaction and assign Rating Outlooks as
follows:

--$187,994,000 class A-1 'AAAsf'; Outlook Stable;

--$117,230,000 class A-2 'AAAsf'; Outlook Stable;

--$8,809,000 class B 'AAsf'; Outlook Stable;

--$9,690,000 class C 'Asf'; Outlook Stable;

--$9,690,000 class D 'BBBsf'; Outlook Stable;

--$3,523,000 class E 'BBB-sf'; Outlook Stable;

--$4,845,000 class F 'BBsf'; Outlook Stable;

--$3,964,000 class G 'Bsf'; Outlook Stable.

All currencies are in Canadian dollars (CAD).

Fitch does not expect to rate the $352,352,065 (notional balance)
interest-only class X or the non-offered $6,607,065 class H certificates.

The certificates represent the beneficial ownership interest in the
trust, primary assets of which are 38 loans secured by 60 commercial
properties having an aggregate principal balance of $352,352,065 as of
the cut-off date. The loans were originated or acquired by IMC Limited
Partnership, Trez Commercial Finance Limited Partnership, and Royal Bank
of Canada.

Fitch reviewed a comprehensive sample of the transaction's collateral,
including site inspections on 76.9% of the properties by balance and
asset summary reviews and cash flow analysis of 100% of the pool.

KEY RATING DRIVERS

Lower Fitch Leverage: The transaction has better leverage than other
recent Fitch-rated Canadian multiborrower deals. The pool's Fitch debt
service coverage ratio (DSCR) of 1.19x is above the 2015 through 2016
year-to-date (YTD) average of 1.16x. The pool's Fitch loan to value
(LTV) of 102.9% is below the 2015 through 2016 YTD average of 105.1%.

Significant Amortization: The pool's weighted average remaining
amortization term is 25.4 years, which represents faster amortization
than U.S. conduit loans. There are no partial or full interest-only
loans. The pool's maturity balance represents a paydown of 22.6% of the
closing balance, which represents less paydown than the 2015 through
2016 YTD Canadian average of 25.2%, but significantly more paydown than
the 2016 YTD U.S. multiborrower average of 10.3%.

Canadian Loan Attributes and Historical Performance: The ratings reflect
strong historical Canadian commercial real estate loan performance,
including a low delinquency rate and low historical losses of less than
0.1%, as well as positive loan attributes, such as short amortization
schedules, recourse to the borrower and additional guarantors. For more
information on prior Canadian CMBS securitizations, see Fitch Research
on 'Canadian CMBS Default and Loss Study,' dated October 2013, available
on Fitch's website at www.fitchratings.com.

Loan with Recourse: Of the pool, 64.4% has full or partial recourse to
the loan's non-SPE borrower and/or loan sponsor, which is less than the
2015 through 2016 YTD Canadian transaction average of 75.8%. In Fitch's
analysis, the probability of default (PD) is reduced for loans with
recourse.

RATING SENSITIVITIES

For this transaction, Fitch's net cash flow (NCF) was 13.5% below the
most recent year's net operating income (NOI; for properties for which a
full-year NOI was provided, excluding properties that were stabilizing
during this period). The following rating sensitivities describe how the
ratings would react to further NCF declines below Fitch's NCF. The
implied rating sensitivities are only indicative of some of the
potential outcomes and do not consider other risk factors to which the
transaction is exposed. Stressing additional risk factors may result in
different outcomes. Furthermore, the implied ratings, after the further
NCF stresses are applied, are more akin to what the ratings would be at
deal issuance had those further stressed NCFs been in place at that time.

Fitch evaluated the sensitivity of the ratings assigned to IMSCI 2016-7
certificates and found that the transaction displays average sensitivity
to further declines in NCF. In a scenario in which NCF declined a
further 20% from Fitch's NCF, a downgrade of the senior 'AAAsf'
certificates to 'AA-sf' could result. In a more severe scenario, where
NCF declined a further 30% from Fitch's NCF, a downgrade of the senior
'AAAsf' certificates to 'A-sf ' could result. The presale report
includes a detailed explanation of additional stresses and sensitivities
on page 10.

USE OF THIRD-PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G-10

Fitch was provided with Form ABS Due Diligence-15E ("Form 15E") as
prepared by KPMG LLP. The third-party due diligence described in Form
15E focused on a comparison and re-computation of certain
characteristics with respect to each of the mortgage loans. Fitch
considered this information in its analysis and it did not have an
impact on Fitch's analysis or conclusions. A copy of the ABS Due
Diligence Form-15E received by Fitch in connection with this transaction
may be obtained through the link contained on the bottom of the related
rating action commentary.

REPRESENTATIONS, WARRANTIES AND ENFORCEMENT MECHANISMS

A description of the transaction's representations, warranties and
enforcement mechanisms ("RW&Es") that are disclosed in the offering
document and which relate to the underlying asset pool is available by
accessing the appendix referenced under "Related Research" below. The
appendix also contains a comparison of these RW&Es to those Fitch
considers typical for the asset class as detailed in the Special Report
titled 'Representations, Warranties and Enforcement Mechanisms in Global
Structured Finance Transactions,' (May 2016).

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IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE
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PUBLISHED RATINGS, CRITERIA, AND METHODOLOGIES ARE AVAILABLE FROM THIS
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RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY
CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH
WEBSITE.

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